Rivian stock plunges after news of Amazon-Stellants deal

Stellantis, the automaker formerly known as Fiat Chrysler, said Wednesday that Amazon will provide in-vehicle dashboard software and cloud services. Amazon will also be the first commercial customer for the Stellantis Ram ProMaster battery-powered electric vehicle slated for 2023.

The collaboration between the two companies comes two months after the Amazon-powered Rivian electric car debuted on Nasdaq. Shares of Rivian, which named Amazon its preferred cloud provider in December and has a contract to make 100,000 cars for Amazon by 2030, fell 11% in Wednesday’s trading session. Shares of Stellantis rose 0.3%.

“We’ve always known that our ambitious sustainability goals in last-mile operations will require multiple electric delivery truck providers,” an Amazon spokesperson told CNBC in an email. “We remain excited about our relationship with Rivian, and that doesn’t change anything about our investment, our collaboration, or the scale and timing of the order.”

Stellantis has already delivered tens of thousands of vehicles to Amazon since 2018 for last-mile delivery in North America and Europe. Stellantis said it developed the upcoming ProMaster RAM with inputs from Amazon.

An electric Rivian R1T pickup truck during the company’s initial public offering outside the Nasdaq MarketSite in New York, U.S., on Wednesday, November 10, 2021.

Bing Guan | Bloomberg | Getty Images

Amazon and Stellantis will work together on the STLA SmartCockpit program that will appear in millions of vehicles starting in 2024 as part of a multi-year cloud deal, according to a statement. The service will feature Amazon’s Alexa voice assistant, e-commerce, maintenance, navigation, and other elements. Stellantis said it will move its vehicle data pipeline to a cloud-based system and that Amazon Web Services will become its preferred cloud provider for vehicle platforms.

AWS’s market-leading business at Amazon has tightened its focus on industries in an effort to expand into larger companies. In November, Amazon unveiled AWS IoT FleetWise, a tool that automakers can use to store and optimize vehicle data.

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